Buying your first home is both exhilarating and terrifying! The decisions seem endless! Should you go for a fixed or variable interest rate or combination of both? Is it best to pay interest-only or interest and principal? Do you need to opt for features such as redraw facilities and/or offset accounts?

Luckily we’re here to give you all the help you need! We guide you through the maze of solicitors, conveyancers, banks and real estate agents during your home loan journey, and are with you each step of the way, from pre-approval to settlement and beyond.

Loanscope works with more than 30 different lenders and compares over 600 loans to find the right one for you. Best of all, we have the expertise to negotiate a better deal on your behalf and can customise your home loan so that you only pay for the features you actually need.

Preparing to Buy

Considering buying a property but unsure whether you qualify for a home loan? We provide a full assessment of your situation (yes, at no cost!), including how much you can afford to borrow, what your monthly repayments would be and which lenders are a good fit for you. When you are ready to buy, we will organise your pre-approval, which means you will know your limits and can concentrate on finding a great place to live in.

What’s involved in the initial consultation?

The first step is for us to work out where you’re at financially and your long-term plans. We’ll ask you about your income, spending, deposit and savings history before showing you how much you can comfortably afford to borrow and the types of home loans that may work best for you.

First home buyers Incentives

When you buy a property, you usually have to pay land transfer duty, or stamp duty. The amount depends on the value of the property, the intended use, if you are a foreign purchaser and whether you are eligible for exemptions or concessions. First home buyers may be entitled to claim a big reduction in stamp duty for purchases up to $600,000

If you are buying or building a new home valued at up to $750,000, you may be eligible for the First Home Owners’ Grant of $10,000.

Loanscope will explain how these incentives work, what their value is for your intended purchase and help you with the paperwork.

Lenders’ Mortgage Insurance

Lenders’ Mortgage Insurance (LMI) can help you buy a home sooner, because it allows you to borrow up to 95% of the purchase price. If you don’t have a 20% deposit saved, it may be a good solution for you. As we have all experienced, property prices can just keep going up while you are trying to save, making a 20% deposit harder and harder to achieve. Fortunately, LMI can be capitalised into your home loan, and is usually a once-off cost at loan settlement that provides cover for the full term of the loan.

Additional costs

First home buyers should also factor in legal fees, pest and building inspections, loan application or establishment fees, bank valuation fees and title insurance. Loanscope will ensure you have a good understanding of these extra expenses.

Take a deep breath…

If you’re feeling overwhelmed, rest assured that Loanscope will be here to help every step of the way. We know the drill, so you can chill. Please get in touch for your free consultation.